phone and market graph

Friday Fundings: Confluent, Noah, and ForgeRock

Data-Streamer Confluent Gets $4.5 Billion Valuation After Series E

Many companies are just now moving their operations online and embracing digital commerce, but the cloud-based data streaming company, Confluent has been encouraging that since its 2014 launch. Now, with a free tier that’s been running since September, Confluent is seeing some pay off. In a Series E round, the company raised $250 million , bringing the total valuation to $4.5 billion.

Confluent runs through the open-source data platform Apache Kafka, which originally came out of LinkedIn, which is owned by Microsoft (MSFT). The idea behind Confluent’s new free tier is that it should be possible for even the smallest companies to build an application without expending a lot of time and resources. Once customers feel comfortable with Kafka as a platform, they might buy in to expand. Some companies could get all the way up to the size of Lyft (LYFT), which uses Confluent for its ridesharing app.

As the economy continues to struggle, Confluent could be a company that pushes through. Right now, it has 1,000 employees, and executives say it plans to continue growing. They expect to announce “a major new set of capabilities” every month starting in May and through the end of the year.

Noah raises $150 Million for Debt-Free Home Equity Partnerships

Noah, the fintech startup formerly known as Patch Homes, just raised $150 million in what founder Sahil Gupta is calling “platform capital.” In September, the company raised its first $5 million in a Series A round. Since then, Noah has multiplied its home equity investments 4.5 times, and expanded into 20 new metro areas.

What Noah does feels increasingly relevant in these financially precarious times. Essentially, homeowners looking to refinance answer a few questions on Noah’s platform to prequalify for equity. Rather than asking clients to take on a loan for repayment like traditional financial institutions might, Noah treats homeowners like partner investors. When the home increases in value, Noah gets part of that cut. The inverse is true if a home loses value.

In the second quarter, Noah expects to expand to metro areas in the East Coast and to continue hiring. As financial volatility remains during the coronavirus pandemic, more homeowners may consider refinancing. A debt-free option could be an interesting alternative.

Identity Cloud Grows as ForgeRock Raises $93.5 Million

ForgeRock is another company that preceded the coronavirus pandemic but is finding its footing as remote work grows. The digital identity startup has raised $93.5 million in a Series E round. ForgeRock has been around for 10 years and has now raised more than $230 million in that time.

ForgeRock has its roots in Norway, and 40% of its revenue still comes from Europe. The “Identity Cloud” platform at the base of ForgeRock helps companies with remote-work tasks like accessing requests and certifications. It can also help predict the access employees should have to company information.

Companies like BMW (BMW), Toyota (TM), Vodafone (VOD), and the BBC are already on the platform. ForgeRock will use the funding to invest in marketing, AI, and research.

Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.
The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.
Communication of SoFi Wealth LLC an SEC Registered Investment Advisor
SoFi isn’t recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.

All your finances.
All in one app.

SoFi QR code, Download now, scan this with your phone’s camera

All your finances.
All in one app.

App Store rating

SoFi iOS App, Download on the App Store SoFi Android App, Get it on Google Play

ABOUT SoFi SoFi helps people achieve financial independence to realize their ambitions. Our products for borrowing, saving, spending, investing, and protecting give our more than one million members fast access to tools to get their money right. SoFi membership comes with the key essentials for getting ahead, including career advisors and connection to a thriving community of like-minded, ambitious people. For more information, visit Want an easy and convenient way to manage your financial life? Get the SoFi app. For iOS and Android.

TLS 1.2 Encrypted
Equal Housing Lender